Essex County May Housing Report 6/27/2024
May Spring Market Sales continued at a strong pace, Inflation improved sligtly in May and Mortgage Rates remain above 7%
May single-family and condo sales rose 56.0% and 16.5% respectively from April 2024 and also rose 19.7% and 6.5% respectively from a year ago. Inflation is still running too hot. 12 month CPI (Consumer Price Index) rose 3.3% in May and Core Inflation rose 3.4%, well above the Federal Reserve’s 2% target. The good news was the monthly CPI inflation rose 0% and Core Inflation rose +0.2% in May.
30 year fixed rate mortgage is now 7.06% per Mortgage News Daily.
Record low inventories continue to support housing prices with not much relief insight
Interest rates remain above 7% discouraging potential sellers with existing low mortgage rates to sell their homes and move.
- To view data for every Essex County town, http://www.sullivanteam.com/Properties/Reports/Public/Charts.php
- To Download the full housing report go to: http://sullivanteam.com/pages/EssexCountyHousingReports
